Residential real estate sales in the Montreal area fell by 8.5% in November compared to last year: 3,542 properties changed owners compared to 3,870 a year earlier.
However, total sales since the beginning of the year have increased by about 9% due to lower interest rates and the delayed effect of strong demographic growth in previous years, noted Camille Laberge, Deputy Director and Chief Economist of APCIQ.
Prices continue to rise. The median price for a single-family home increased by 5.8% over the year, reaching $635,000, while the price for plexes jumped by 11% to $855,000. The exception is condominiums: their median price remained stable at $425,000. This dynamic creates a market where volumes are falling, but prices are holding steady.
According to Charles Brant, Director of Market Analysis at APCIQ, real estate prices in Montreal, especially on the island, significantly exceed the financial capabilities of many buyers. This inaccessibility pushes homeownership out of reach for numerous families who are waiting for the right moment and contributes to the slowdown of the market.
In terms of supply, 4,798 new listings were registered in November—a decrease of 0.5% year-over-year. At the same time, the number of active listings increased by 7.4% to 18,205, marking the fourth consecutive month of inventory growth. This increase is mainly in condominiums, indicating a more competitive segment where supply exceeds demand, and prices are stagnating.
